The new customs tariffs implemented on 320 commodities aim to curb imports and encourage local industry, the Ministry of Finance said in a press release on Sunday. These new fees will increase customs revenues by EGP 6bn per year, assuming the level of imports remains at the current rate. The Official Gazette published the president’s decision to increase customs tariffs on a wide range of products and imported goods on Thursday evening. It noted that the items imported from countries that have free trade agreements with Egypt will not be affected by this increase as they are exempt from customs tariffs. The decision also raised customs tariff on coloured glass and crystal from 10% and 20% depending on type.

Source: Daily News Egypt December 04, 2016 12:52 UTC